Raiffeisen Zentralbank Österreich AG (RZB-Austria) has selected Financial Software Systems’ MarginTrac system to manage its foreign exchange margin trading business. RZB-Austria will utilize MarginTrac in its Singapore Branch covering Asia Pacific.
With a presence in Singapore since 1984, in 1997 the Singapore office became RZB's first branch in Asia. The Singapore office of RZB has a strong franchise in Singapore, both in assisting European companies and individuals in Asia, and serving as gateway to Europe for Asian companies and individuals. With a balance sheet totaling EUR 115.6 billion as of December 2006, Raiffeisen Zentralbank Österreich AG is the third largest bank in Austria and one of the country's leading commercial and investment banks.
MarginTrac is a complete Client Relationship Management solution for FX margin trading and collateral management. MarginTrac provides straight-through-processing of spot, forward, and option trades, from deal capture in the front-office -- including trading over the Internet -- to the generation of general ledger accounting entries in the back-office. MarginTrac will provide RZB-Austria with P&L calculations, management of client collateral, calculation of margin positions and margin calls, and monitoring of counterparty net open position limits. MarginTrac provides real-time margin calculations based upon changes in clients' positions, changes in clients' collateral, and changes in market revaluation rates.
MarginTrac’s calculation engines have demonstrated in production environments the ability to process over 50,000 transactions a day in a 24-hour trading environment across multiple financial centers.
Michael Wee, Financial Software Systems’ General Manager - Asia Pacific, stated, “We are very pleased to have RZB-Austria as another user of MarginTrac in Asia. The RZB-Austria license agreement builds on our recently signed global license agreement with Standard Chartered Bank, and our license agreement with DBS Vickers in Singapore. MarginTrac is clearly the industry-leading solution for FX margin trading and client relationship management, and we look forward to working with RZB in Singapore to further extend the capabilities of MarginTrac to RZB-Austria's business."
MarginTrac will be installed at RZB-Austria on a Windows 2003 platform utilizing Microsoft's SQL 2000 database server. In addition to providing the core FX margin trading functions, MarginTrac will provide RZB-Austria with extensive Client Account Management functionality, Sales Commission Management, and multi-lingual Client Account Statement Management. These high-value-added components of MarginTrac, coupled with MarginTrac's straight-through-processing, distinguish MarginTrac from other software solutions for collateralized trading.
Financial Software Systems is headquartered in Horsham, Pennsylvania, producing foreign exchange and interest rate risk management software for banks, fund managers, and corporations. Financial Software Systems supports some of the leading financial institutions around the world.
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